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Mortgage Loan

Your Comments – My Replies #3

I would like to thank Marc for visiting my blog and posting his comment after his read on my posts on the importance of having Mortgage Insurance to protect a Mortgage Bank Loan. If you are interested in reading what I have written on this particular topic, these are the links:

Mortgage Insurance For Your Mortgage Loan – Part 1 of 3

Mortgage Insurance For Your Mortgage Loan – Part 2 of 3

Mortgage Insurance For Your Mortgage Loan – Part 3 of 3

And this is the comment by Marc:

“Hi, it seems from your article that one can purchase a mortgage insurance with a sum assured higher than the loan amount; coverage longer than the loan tenure.

Please elaborate how this insurance can help one in time of need after the loan has been paid up completely.  Doesn’t the insurance lapsed automatically once the loan had been paid up?”

This Is My Reply:

– With Regards To Higher Sum Assured and Longer Coverage Period

Read More »Your Comments – My Replies #3

A Relook Into With Regards To Loans

With the property market a very hot topic now, along with it comes with many questions especially from first time buyers with regards to loans, e.g. pre approved loans, refinanced loans and etc.

And because I am not from Banks, it’s very hard for me to give them a proper answer, so I decide to relook back into a site that I have previously came across and reviewed as well –

CreditSesame Gives Quite A Good Overview Of What Refinancing of Loan Is All About

Because of the lack of availability of its tools in Singapore, I cannot take advantage of what CreditSesame can offer, but once you are over at that site, it does give you a good overview of:

– What is Refinance

– The Benefits of Refinancing

– How It Works

There’s even an overview of a typical Refinance Process which I believe is applicable to most banking institutions (even for those in Singapore)

But if you can create an account with CreditSesame and make use of the services, you can consider using it to help you find the best mortgage rates and help you to save big as well.

Why Refinancing Your Loan Is A Good Idea

Read More »A Relook Into With Regards To Loans

Underwriting Requirements For Your Mortgage Insurance – Part 2 Of 3

In the first part of my Three Part Series on Mortgage Insurance, I have shared why you should consider having a Mortgage Insurance to cover your Private Housing Loan and not to wait to sell of your Property and that a Mortgage Insurance would be beneficial to you because:

  1. The Premium is the lowest as compared to Whole Life, Endowment, Level Term and even Decreasing Term Insurance
  2. Mortgage Insurance is portable among Mortgage Loans.
  3. You can still keep your Mortgage Insurance Plan to form part of your Financial Planning Process

And in this Second Part of the Three Part Series, I will be sharing with you on the Underwriting Requirements when you apply for your Mortgage Insurance.

To start off this Second Part, I shall share with you when can you start applying for your Mortgage Insurance and why so…

When Should You Apply For Your Mortgage Insurance And Why So…

Do You Have Your Mortgage Insurance?

Read More »Underwriting Requirements For Your Mortgage Insurance – Part 2 Of 3

Mortgage Insurance For Your Mortgage Loan – Part 1 of 3

With the recent property boom in Singapore, there’s an increment in people taking up Private Bank Loan and thus creating a concern in terms of financial planninga need to protect the mortgage loan (and their pricey assets) should anything unforeseen happen to the Loan Owners…

The Common Belief – Should Anything Happen, I Can Just Sell Off The Property…

If everything is so straight forward, life will be perfect! In Reality, Property does not sell by itself especially if the Developer had done quite a heavy bit of their own advertising. The initial selling price is usually jacked up and to really pull it off in selling – takes patience, time, effort, negotiation and being able to sustain the few months of loan payment.

Or even the worst case of selling the property below the market value…

Are You Selling Your Property?

So What Should You Do? For Any Mortgage Loan, There’s Mortgage Insurance!

If you only know Term Insurance, there’s in fact a Mortgage Insurance or commonly known as Mortgage Reducing Term Insurance and not to be confused with Decreasing Term Insurance.

Read More »Mortgage Insurance For Your Mortgage Loan – Part 1 of 3